Location: Daviess County, MO | Metro: Daviess County, MO
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,250 | $262,834 | 0.48% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 64640 in the metro area for fiscal year 2026 is set at $920. This figure represents the maximum amount that a landlord can receive through the Section 8 Housing Choice Voucher program for a unit in this ZIP code. It's important to note that this is the payment standard for the vouchers, not necessarily the rent you can charge your tenants.
In comparison, the average rent for the same ZIP code according to the latest Census American Community Survey (ACS) data is $781. This difference indicates that landlords participating in the Section 8 program can potentially receive a higher rent reimbursement compared to the local market rate.
With 24.7% of residents being renters, there is a significant demand for affordable housing in this area. This percentage suggests that nearly a quarter of the population is actively looking for rental properties, which can be a positive sign for landlords entering the Section 8 market.
If you're considering purchasing a property in ZIP 64640 for a Section 8 rental, the median home value is approximately $254,973. This figure represents the typical price you might pay for an existing property in this ZIP code. However, it's crucial to understand that the actual acquisition cost could vary based on the condition and location of the property.
Before proceeding with your investment, verify that the property meets all the required standards for the Section 8 program. This includes ensuring that the unit is up to code and passes inspections, which are mandatory for participation in the voucher program. These standards are designed to ensure that the housing is safe and habitable, aligning with the program's goal of providing quality homes to low-income families.
By understanding the FMR, local rent averages, and the demand for rental units, you can make a more informed decision about whether Section 8 is a viable option for your first rental property in ZIP 64640. The potential for receiving higher reimbursements compared to market rates can be an attractive feature for landlords seeking stable income.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.